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Business and Commercial Lending Officer

3 months ago


New York, United States Lower East Side People's Federal Credit Union Full time
Job DescriptionJob Description

Lower East Side People’s Federal Credit Union

Job Description: Business and Commercial Lending Officer

Reports to: Commercial Lending Manager/Chief Lending Officer

Requirements: B.A. degree and at least two-year experience; (Prefer-Bilingual Spanish/English)

Employment Status: Exempt


Job components

  1. Business and Commercial Loan Origination, Underwriting and Closing: assist LESPFCU Borrowers in the application process.

  1. Describe the range of credit union loan products to new credit union members.
    • Explain all the loan products available to our members, for Example the deference between and SBA Loan and a Credit union loan.
  2. Provide technical assistance to prospective borrowers to help them prepare loan applications and fill out supporting documents.
  3. Take in loan applications and required supporting documents.
    • After selecting the loan product, the forms that need to be completed for the program are selected.
  4. Perform due diligence in underwriting consistent with credit union loan policy.
    • Make sure the underwriting is consistent with the business loan product selected.
  5. Present completed loan applications to Commercial Lending Manager and or CLO
    • Review loan application with the Commercial Lending Manager, Chief Lending Officer and/or Credit Committee
  6. Communicate loan decision to the member.
    • Communicate loan decision in writing immediately after loan is reviewed.
  7. Close Business/Commercial loan
  8. Technical Assistance/loan review for existing members: regularly communicate with borrowers, collect and review financial statements, and visit the businesses after the closing and at least annually thereafter.
    1. Objectives/business outcomes
      • More frequent and regular visits to existing borrowers to see how business is doing, identify problems before loan is endangered and how can we help.
      • Collect and review financial statements from businesses as needed.
    2. Measures of progress/success
      • Create a tracking system to ensure regular visits, compare them to prior visits to demonstrate progress.
      • Earlier identification and intervention with problem loans
      • Improved member relationships/better serve members through more regular contact and assistance provided (qualitative measure)

  1. Portfolio Management

    1. Maintain accurate loan file.
    2. Perform annual loan review.
    3. Delinquency reduction, expansion of number of loans (quantitative measure) as compared to base period

  1. Other Responsibilities

    1. As needed Attend business workshops.
    2. In collaboration with the outreach team, follow up on potential borrowers.
    3. Other duties as assigned by management for the smooth and efficient operation of the CU.